Microenvironmental factors are the factors that a business can change and influence, while macroenvironmental factors are ones that instead change and influence a business themselves. Microfactors include advertising aimed at customers, how employees are treated and business competitors. Macrofactors include sociocultural, technological and economic factors.Continue Reading
Microenvironmental factors are factors that should be determined by a business with respect to their macroenvironments. All businesses have specific types of customer they want to purchase their products. These are the people toward whom the business' advertising and products are geared. Businesses run the risk of alienating their target purchasers if the macroeconomic factors of the location are not taken into account when advertising, hiring employees and creating products.
Adjusting for macroenvironmental factors is critical for any business to succeed. This is because macroenvironmental factors are the environment in which the business sets itself down. These determine everything from whether or not a business's practices are legal in their chosen location to how the local populace is likely to respond to the business' advertisements, business practices and purpose.
Inflexibility with regard to the differences in macroenvironmental factors are frequently the reason why a company excelling in one place fails when moved to another location.Learn more about Environmental Science